the government also collects payroll taxes for the federal insurance contributions act, or fica. fica helps…

the government also collects payroll taxes for the federal insurance contributions act, or fica. fica helps fund social security and medicare. payroll taxes are flat, and employees and employers each pay half. employees usually have 7.65% of their wages withheld from their paychecks. employers match these contributions for a total of 15.3% of a persons original wages. sort the statements by whether they are true about corporate income taxes, payroll taxes, or both. workers and businesses each pay half of this tax. this tax is based on the profits that a business earns. everyone pays the same rate, regardless of how much money they make. this tax is based on an employees salary. corporate income taxes both payroll taxes

the government also collects payroll taxes for the federal insurance contributions act, or fica. fica helps fund social security and medicare. payroll taxes are flat, and employees and employers each pay half. employees usually have 7.65% of their wages withheld from their paychecks. employers match these contributions for a total of 15.3% of a persons original wages. sort the statements by whether they are true about corporate income taxes, payroll taxes, or both. workers and businesses each pay half of this tax. this tax is based on the profits that a business earns. everyone pays the same rate, regardless of how much money they make. this tax is based on an employees salary. corporate income taxes both payroll taxes

Answer

Answer:

  • Corporate income taxes: This tax is based on the profits that a business earns.
  • Both:
  • Payroll taxes: Workers and businesses each pay half of this tax. Everyone pays the same rate, regardless of how much money they make. This tax is based on an employee's salary.

Brief Explanations:

  • Corporate income taxes: By definition, corporate income taxes are levied on a business's profits.
  • Payroll taxes: As per the text, workers (employees) and businesses (employers) split the payroll tax (each pay half). It's a flat - rate tax (everyone pays the same rate) and is based on an employee's salary (7.65% withheld from paychecks, with employers matching). There is no overlap with corporate income tax characteristics for the statements assigned to payroll taxes. And there is no statement that is common to both types of taxes in the given set of statements.